WIPRO LIMITED AND SUBSIDIARIES · WIPRO LIMITED AND SUBSIDIARIES ... 1. The Company overview Wipro Limited ... periods beginning after April 1, 2015, ...

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WIPRO LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS UNDER IFRS

AS OF AND FOR THE THREE MONTHS ENDED JUNE 30, 2015

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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCI AL POSITION

(` in millions, except share and per share data, unless otherwise stated)

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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME


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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREH ENSIVE INCOME


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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY


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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY


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WIPRO LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FL OWS


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WIPRO LIMITED AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCI AL STATEMENTS


1. The Company overview

Wipro Limited (“Wipro” or the “Parent Company”), together with its subsidiaries (collectively, “the Company” or the “Group”) is a leading India based provider of IT Services, including Business Process Services (“BPS”), globally.

Wipro is a public limited company incorporated and domiciled in India. The address of its registered office is Wipro Limited, Doddakannelli, Sarjapur Road, Bangalore – 560 035, Karnataka, India. Wipro has its primary listing with Bombay Stock Exchange and National Stock Exchange in India. The Company’s American Depository Shares representing equity shares are also listed on the New York Stock Exchange. These condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on July 23, 2015.

2. Basis of preparation of financial statements

(i) Statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with

International Financial Reporting Standards and its interpretations (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). Selected explanatory notes are included to explain events and transactions that are significant to understand the changes in financial position and performance of the Company since the last annual consolidated financial statements as at and for the year ended March 31, 2015. These condensed consolidated interim financial statements do not include all the information required for full annual financial statements prepared in accordance with IFRS.

(ii) Basis of preparation

These condensed consolidated interim financial statements are prepared in accordance with International

Accounting Standard (IAS) 34, “Interim Financial Reporting”. The condensed consolidated interim financial statements correspond to the classification provisions

contained in IAS 1(revised), “Presentation of Financial Statements” . For clarity, various items are aggregated in the statements of income and statements of financial position. These items are disaggregated separately in the Notes, where applicable. The accounting policies have been consistently applied to all periods presented in these condensed consolidated interim financial statements.

All amounts included in the condensed consolidated interim financial statements are reported in millions of

Indian rupees (̀ in millions) except share and per share data, unless otherwise stated. Due to rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures. (iii) Basis of measurement

The condensed consolidated interim financial statements have been prepared on a historical cost convention

and on an accrual basis, except for the following material items that have been measured at fair value as required by relevant IFRS:

a. Derivative financial instruments; b. Available-for-sale financial assets; and c. The defined benefit asset/ (liability) is recognised at the present value of defined benefit obligation less

fair value of plan assets.

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(iv) Convenience translation (unaudited) The accompanying condensed consolidated interim financial statements have been prepared and reported in

Indian rupees, the national currency of India. Solely for the convenience of the readers, the condensed consolidated interim financial statements as of and for the quarter ended June 30, 2015, have been translated into United States dollars at the certified foreign exchange rate of $ 1 = ` 63.59, as published by Federal Reserve Board of Governors on June 30, 2015. No representation is made that the Indian rupee amounts have been, could have been or could be converted into United States dollars at such a rate or any other rate.

(v) Use of estimates and judgment

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the condensed consolidated interim financial statements are included in the following notes:

a) Revenue recognition: The Company uses the percentage of completion method using the input (cost expended) method to measure progress towards completion in respect of fixed price contracts. Percentage of completion method accounting relies on estimates of total expected contract revenue and costs. This method is followed when reasonably dependable estimates of the revenues and costs applicable to various elements of the contract can be made. Key factors that are reviewed in estimating the future costs to complete include estimates of future labor costs and productivity efficiencies. Because the financial reporting of these contracts depends on estimates that are assessed continually during the term of these contracts, recognized revenue and profit are subject to revisions as the contract progresses to completion. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable.

b) Goodwill: Goodwill is tested for impairment at least annually and when events occur or changes in circumstances indicate that the recoverable amount of the cash generating unit is less than its carrying value. The recoverable amount of cash generating units is higher of value-in-use and fair value less cost to sell. The calculation involves use of significant estimates and assumptions which includes turnover and earnings multiples, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.

c) Income taxes: The major tax jurisdictions for the Company are India and the United States of America. Significant judgments are involved in determining the provision for income taxes including judgment on whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve complex issues, which can only be resolved over extended time periods.

d) Deferred taxes: Deferred tax is recorded on temporary differences between the tax bases of assets and liabilities and their carrying amounts, at the rates that have been enacted or substantively enacted at the reporting date. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable profits during the periods in which those temporary differences and tax loss carry-forwards become deductible. The Company considers the expected reversal of deferred tax liabilities and projected future taxable income in making this assessment. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced.

e) Business combination: In accounting for business combinations, judgment is required in identifying whether an identifiable intangible asset is to be recorded separately from goodwill. Additionally, estimating the acquisition date fair value of the identifiable assets acquired, and liabilities and contingent consideration assumed involves management judgment. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by management. Changes in these judgments, estimates, and assumptions can materially affect the results of operations.

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f) Other estimates: The preparation of financial statements involves estimates and assumptions that affect the reported amount of assets, liabilities, disclosure of contingent liabilities at the date of financial statements and the reported amount of revenues and expenses for the reporting period. Specifically, the Company estimates the uncollectability of accounts receivable by analyzing historical payment patterns, customer concentrations, customer credit-worthiness and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required. Similarly, the Company provides for inventory obsolescence, excess inventory and inventories with carrying values in excess of net realizable value based on assessment of the future demand, market conditions and specific inventory management initiatives. If market conditions and actual demands are less favorable than the Company’s estimates, additional inventory provisions may be required. In all cases inventory is carried at the lower of historical cost and net realizable value. The stock compensation expense is determined based on the Company’s estimate of equity instruments that will eventually vest.

Non-marketable equity investments are initially recorded at cost and subsequently measured at fair value. Fair value of investments is determined using the market and income approaches. The market approach includes the use of financial metrics and ratios of comparable companies, such as revenue, earnings, comparable performance multiples, recent financial rounds and the level of marketability of the investments. The selection of comparable companies requires management judgment and is based on a number of factors, including comparable company sizes, growth rates, and development stages. The income approach includes the use of discounted cash flow model, which requires significant estimates regarding the investees’ revenue, costs, and discount rates based on the risk profile of comparable companies. Estimates of revenue and costs are developed using available historical and forecast data.

3. Significant accounting policies

Please refer to the Company’s Annual Report for the year ended March 31, 2015 for a discussion of the Company’s other critical accounting policies.

New Accounting standards adopted by the Company: The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements for the year ended March 31, 2015, except for the adoption of amendments and interpretations effective as of April 1, 2015. Although these amendments and amendments apply for the first time in the current financial year, they do not have a material impact on the condensed consolidated interim financial statements. New accounting standards not yet adopted: A number of new standards, amendments to standards and interpretations are not yet effective for annual periods beginning after April 1, 2015, and have not been applied in preparing these condensed consolidated interim financial statements. New standards, amendments to standards and interpretations that could have a potential impact on the consolidated financial statements of the Company are: IFRS 9 – Financial instruments In July 2014, the IASB completed its project to replace IAS 39, Financial Instruments: Recognition and Measurement by publishing the final version of IFRS 9: Financial Instruments. IFRS 9 introduces a single approach for the classification and measurement of financial assets according to their cash flow characteristics and the business model they are managed in, and provides a new impairment model based on expected credit losses. IFRS 9 also includes new guidance regarding the application of hedge accounting to better reflect an entity’s risk management activities especially with regard to managing non-financial risks. The new standard is effective for annual reporting periods beginning on or after January 1, 2018, while early application is permitted. The application of IFRS 9 may have a material impact on the classification, measurement and presentation of the Company’s financial assets and liabilities. The Company is currently assessing the impact of adopting IFRS 9 on the Company’s consolidated financial statements.

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IFRS 15 – Revenue from Contracts with Customers IFRS 15 supersedes all existing revenue requirements in IFRS (IAS 11 Construction Contracts, IAS 18 Revenue and related interpretations). According to the new standard, revenue is recognized to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 establishes a five step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligation; changes in contract asset and liability account balances between periods and key judgments and estimates. The standard permits the use of either the retrospective or cumulative effect transition method. The standard is effective for annual periods beginning on or after January 1, 2017; early application is permitted. In May 2015, the IASB, through an exposure draft, proposed changing the effective date to periods beginning on or after January 1, 2018 instead of January 1, 2017. The Company is currently assessing the impact of adopting IFRS 15 on the Company’s consolidated financial statements.

4. Property, plant and equipment

Land Buildings Plant and

machinery*

Furniture fixtures and equipment Vehicles Total

Gross carrying value: As at April 1, 2014………………………………. ` 3,687 ` 24,062 ` 72,310 ` 12,347 ` 966 ` 113,372 Translation adjustment…………………………… 1 13 138 26 2 180 Additions ………………………………………… - 89 2,824 199 2 3,114 Disposal / adjustments.…………………………... - (36) (748) (129) (36) (949) As at June 30, 2014…………………………… ` 3,688 ` 24,128 ` 74,524 ` 12,443 ` 934 ` 115,717 Accumulated depreciation/impairment: As at April 1, 2014…………………………….. ` - ` 3,815 ` 52,315 ` 9,535 ` 944 ` 66,609 Translation adjustment…………………………… - 5 87 16 - 108 Depreciation……………………………………. - 177 2,115 351 2 2,645 Disposal / adjustments.………………………….. - (36) (740) (54) (35) (865) As at June 30, 2014…………………………… ` - ` 3,961 ` 53,777 ` 9,848 ` 911 ` 68,497 Net carrying value as at June 30, 2014……… ` 3,688 ` 20,167 ` 20,747 ` 2,595 ` 23 ` 47,220 Capital work-in-progress ` 4,818 Net carrying value including Capital work-in-progress as at June 30, 2014…………………..

` 52,038 Gross carrying value: As at April 1, 2014……………………….. ` 3,687 ` 24,062 ` 72,310 ` 12,347 ` 966 ` 113,372 Translation adjustment…………………… (2) 50 122 (120) (22) 28 Additions ………………………………… - 446 11,978 873 36 13,333 Additions through business combination - 89 871 120 1 1,081 Disposal / adjustments……………………. - (132) (5,687) (522) (151) (6,492) As at March 31, 2015………………… ` 3,685 ` 24,515 ` 79,594 ` 12,698 ` 830 ` 121,322 Accumulated depreciation/impairment: s at April 1, 2014……………………… ` - ` 3,815 ` 52,315 ` 9,535 ` 944 ` 66,609 Translation adjustment…………………… - 36 243 (71) 2 210 Depreciation……………………………… - 755 9,220 1,430 12 11,417 Disposal / adjustments……………………. - (93) (5,149) (258) (149) (5,649) As at March 31, 2015………………… ` - ` 4,513 ` 56,629 ` 10,636 ` 809 ` 72,587 Net carrying value as at March 31, 2015…… ` 3,685 ` 20,002 ` 22,965 ` 2,062 ` 21 ` 48,735 Capital work-in-progress ` 5,471 Net carrying value including Capital work-in-progress as at March 31, 2015………………..

` 54,206

Gross carrying value: As at April 1, 2015………………………………. ` 3,685 ` 24,515 ` 79,594 ` 12,698 ` 830 ` 121,322 Translation adjustment…………………………… 5 72 647 63 4 791 Additions ………………………………………… - 124 2,415 189 2 2,730 Disposal / adjustments.…………………………... - - (450) (311) (16) (777) As at June 30, 2015…………………………… ` 3,690 ` 24,711 ` 82,206 ` 12,639 ` 820 ` 124,066

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Land Buildings Plant and

machinery*

Furniture fixtures and equipment Vehicles Total

Accumulated depreciation/impairment: As at April 1, 2015…………………………….. ` - ` 4,513 ` 56,629 ` 10,636 ` 809 ` 72,587 Translation adjustment…………………………… - 23 370 42 - 435 Depreciation……………………………………. - 193 2,558 294 8 3,053 Disposal / adjustments.………………………….. - (39) (455) (217) 3 (708) As at June 30, 2015…………………………… ` - ` 4,690 ` 59,102 ` 10,755 ` 820 ` 75,367 Net carrying value as at June 30, 2015……… ` 3,690 ` 20,021 ` 23,104 ` 1,884 ` - ` 48,699 Capital work-in-progress ` 7,039 Net carrying value including Capital work-in-progress as at June 30, 2015………………..

` 55,738

*Including computer equipment and software

5. Goodwill and intangible assets

The movement in goodwill balance is given below:

Year ended March 31,

2015

Three months ended June 30,

2015

Balance at the beginning of the period…………… ` 63,422 ` 68,078 Translation adjustment…………………………… 1,098 1,162 Acquisition through business combination, net….. 3,558 - Balance at the end of the period…………………. ` 68,078 ` 69,240

Intangible assets

Customer

related Marketing

related Total Gross carrying value: As at April 1, 2014………………………………….. ` 3,404 ` 1,100 ` 4,504 Translation adjustment………………………............ 6 - 6 As at June 30, 2014……………………………….. ` 3,410 ` 1100 ` 4,510 Accumulated amortization and impairment: As at April 1, 2014…………………………………. ` 1,892 ` 676 ` 2,568 Translation adjustment……………………………… - (1) (1) Amortization………………………………………… 116 26 142 As at June 30, 2014………………………………. ` 2,008 ` 701 ` 2,709 Net carrying value as at June 30, 2014………… ` 1,402 ` 399 ` 1,801 Gross carrying value: As at April 1, 2014……………………………………. ` 3,404 ` 1,100 ̀ 4,504 Translation adjustment………………………………… (1,015) (95) (1,110) Disposal/ adjustment ………………………………… - (100) (100) Acquisition through business combination……………. 8,228 - 8,228 As at March 31, 2015…………………………………. ` 10,617 ` 905 ` 11,522 Accumulated amortization and impairment: As at April 1, 2014……………………………………. ` 1,892 ` 676 ` 2,568 Translation adjustment………………………………….. - (104) (104) Disposal/ adjustment …………………………………… - (82) (82) Amortization and impairment ………………………….. 1,044 165 1,209 As at March 31, 2015…………………………………… ` 2,936 ` 655 ` 3,591 Net carrying value as at March 31, 2015…………….. ` 7,681 ` 250 ` 7,931

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Intangible assets

Customer

related Marketing

related Total Gross carrying value: As at April 1, 2015………………………………….. ` 10,617 ` 905 ` 11,522 Translation adjustment………………………............ 345 33 378 As at June 30, 2015……………………………….. ` 10,962 ̀ 938 ` 11,900 Accumulated amortization and impairment:

As at April 1, 2015…………………………………. ` 2,936 ` 655 ` 3,591 Translation adjustment……………………………… - 31 31 Amortization………………………………………… 277 18 295 As at June 30, 2015………………………………. ` 3,213 ` 704 ` 3,917 Net carrying value as at June 30, 2015………… ` 7,749 ` 234 ` 7,983

Amortization expense on intangible assets is included in selling and marketing expenses in the condensed consolidated interim statement of income.

6. Business combination

ATCO I-Tek Inc.

On August 15, 2014, the Company obtained control of ATCO I-Tek Inc., a Canadian entity, by acquiring 100% of its share capital and certain assets of IT services business of ATCO I-Tek Australia (hereafter the acquisitions are collectively referred to as ‘acquisition of ATCO I-Tek’) for an all-cash consideration of ̀ 11,420 (Canadian Dollars 204 million). ATCO I-Tek provides IT services to ATCO Group. The acquisition will strengthen Wipro’s IT services delivery model in North America and Australia.

As part of conclusion of certain closing conditions, ` 349 had been reduced from the purchase price. Consequently, the Company concluded the fair value adjustments of the assets acquired and liabilities assumed on acquisition.

The following table presents the allocation of purchase price:

Description Pre-acquisition carrying amount

Fair value adjustments

Purchase price allocated

Assets Cash …………………………………… ` 71 ` - ̀ 71 Property, plant & equipment (including capital work-in-progress and software)…

1,689

(278)

1,411

Trade receivables ………......................... 210 - 210 Other assets…………………………….. 296 - 296 Customer related intangibles ………….. - 8,228 8,228 Liabilities Trade payables and accrued liabilities.... (798) - (798) Deferred income taxes, net …………… (138) (2,017) (2,155) Total …………………………………… ` 1,330 ` 5,933 7,263 Goodwill ………………………………. 3,808 Total purchase price ……………….… ` 11,071

The goodwill of ̀ 3,808 comprises value of expected synergies arising from the acquisition. Goodwill is not expected to be deductible for income tax purposes.

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7. Available for sale investments

Available for sale investments consists of the following:

As at March 31, 2015 As at June 30, 2015

Cost*

Gross gain recognized directly in

equity

Gross loss recognized directly in

equity Fair

Value Cost*

Gross gain recognized directly in

equity

Gross loss recognized directly in

equity Fair

Value Investment in liquid and short-term mutual funds and others ` 56,437 ` 1,340 ` (2) ` 57,775 ` 113,254 ` 1,344 ` - ` 114,598 Total ` 56,437 ` 1,340 ` (2) ` 57,775 ` 113,254 ` 1,344 ̀ - ` 114,598 Current ` 53,908 110,585 Non-current ` 3,867 4,013

*Available for sale investments includes investments amounting to ̀ 103 (March 31, 2015: ` Nil) pledged as margin money deposits for entering into currency future contracts.

8. Inventories

Inventories consist of the following: As at March 31, 2015 June 30, 2015

Stores and spare parts……………………………………… ` 932 ` 917 Raw materials and components.……………………………. 3 2 Work in progress…………………………………………… 2 - Finished goods and traded goods…………………………… 3,912 3,817

` 4,849 ` 4,736

9. Cash and cash equivalents

Cash and cash equivalents as of March 31, 2015 and June 30, 2015 consists of cash and balances on deposit with banks. Cash and cash equivalents consists of the following:

As at March 31, 2015 June 30, 2015

Cash and bank balances…………………………………... ` 47,198 ` 18,271 Demand deposits with banks (1)………………………… 111,742 114,666 ` 158,940 ` 132,937

(1)These deposits can be withdrawn by the Company at any time without prior notice and without any penalty on the principal. Cash and cash equivalents consists of the following for the purpose of the cash flow statement:

As at June 30, 2014 June 30, 2015

Cash and cash equivalents………………………………….. ` 82,116 ` 132,937 Bank overdrafts………………………………………........... - (986) ` 82,116 ` 131,951

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10. Other assets As at March 31, 2015 June 30, 2015

Current Inter corporate and term deposits (1) (2)……………………………… ` 38,500 ` 33,400 Prepaid expenses ………………..………………..………………… 10,562 12,178 Due from officers and employees………………………………….. 3,488 3,491 Finance lease receivables………………………………………....... 3,461 2,795 Advance to suppliers……………………………. ………………… 2,430 2,294 Deferred contract costs…………………………………………….. 3,610 3,937 Interest receivable……………………………….………………….. 5,290 6,304 Deposits…………………………………………………………….. 763 773 Balance with excise, customs and other authorities………………… 1,786 1,409 Others (3) (4)………………………………………………………… 3,469 2,906 ` 73,359 ` 69,487 Non-current Prepaid expenses including rentals for leasehold land………... ` 6,630 ` 7,033 Finance lease receivables……..……………………………………. 2,899 2,579 Deferred contract costs…………………………………………….. 4,445 4,206 Deposits…………………………………………………………….. 65 22 Others……………………..……………..…………………………. 330 339

` 14,369 ` 14,179 Total………………………………………………………………... ` 87,728 ` 83,666

(1) Such deposits earn a fixed rate of interest and will be liquidated within 12 months (2) Term deposits include deposits amounting to ` 300 (March 31, 2015: ` 300) lien marked as margin money deposits for entering into currency future contracts. (3) Others include ̀ 30 (March 31, 2015: ̀ 77) due from Wipro Enterprises Private Limited (formerly Wipro Enterprises Limited) and its subsidiaries. (4) Others include ̀ 426 (March 31, 2015: ` 400) representing assets held for sale.

11. Loans and borrowings

A summary of loans and borrowings is as follows: As at March 31 , 2015 June 30, 2015

Short-term borrowings from banks…………………… ` 64,335 ` 67,258 External commercial borrowings…………………….. 9,375 9,548 Obligations under finance leases……………............... 4,878 4,794 Term loans……………………………………………. 325 184 Total loans and borrowings………………………….. ` 78,913 ` 81,784

12. Other liabilities and provisions As at

Other liabilities: March 31, 2015 June 30, 2015 Current:

Statutory and other liabilities…………………….…. ` 3,530 ` 3,251 Employee benefit obligations…………………….… 4,802 5,454 Advance from customers……………………………. 2,200 2,193 Others (1)…………………………………………….. 1,691 1,340

` 12,223 ` 12,238

Non-current: Employee benefit obligations…………………………. ` 3,062 ` 4,759 Others………………………………………………….. 596 682

` 3,658 ` 5,441 Total……………………………………………………… ` 15,881 ` 17,679

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(1) Others include ̀ 206 (March 31, 2015: ̀ 340) due to Wipro Enterprises Private Limited (formerly Wipro Enterprises Limited) and its subsidiaries.

As at March 31, 2015 June 30, 2015

Provisions: Current:

Provision for warranty…………………….………... ` 306 ` 320 Others…………………………………………..….. 1,211 1,044 ` 1,517 ` 1,364

Non-current:

Provision for warranty……………………………..... ` 5 ` 12 Total………………………………………………... ` 1,522 ` 1,376

Provision for warranty represents cost associated with providing sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 to 2 years. Other provisions primarily include provisions for tax related contingencies and litigations. The timing of cash outflows in respect of such provision cannot be reasonably determined.

13. Financial instruments

Derivative assets and liabilities:

The Company is exposed to foreign currency fluctuations on foreign currency assets / liabilities,

forecasted cash flows denominated in foreign currency and net investment in foreign operations. The Company follows established risk management policies, including the use of derivatives to hedge foreign currency assets / liabilities, foreign currency forecasted cash flows and net investment in foreign operations. The counter parties in these derivative instruments are primarily banks and the Company considers the risks of non-performance by the counterparties as non-material.

The following table presents the aggregate contracted principal amounts of the Company’s derivative contracts outstanding:

As at

March 31, 2015 June 30, 2015 Designated derivative instruments Sell $ 836 $ 804

£ 198 £ 228 € 220 € 258 AUD 83 AUD 86 Interest rate swaps $ 150 $ 150 Net investment hedges in foreign operations

Others $ 145 $ 135

Non designated derivative instruments Sell $ 1,304 $ 910 £ 67 £ 97

€ 60 € 65 AUD 53 AUD 43

¥ 490 ¥ 490 SGD 13 SGD 13 ZAR 69 ZAR 129 CAD 30 CAD 25 CHF 10 CHF 10

Buy $ 790 $ 920

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The following table summarizes activity in the cash flow hedging reserve within equity related to all derivative instruments classified as cash flow hedges:

As at June 30, 2014 2015 Balance as at the beginning of the period………………………………………. ` 567 ` 4,268 Deferred cancellation gain/(loss)………………………………………... - 47 Changes in fair value of effective portion of derivatives……………………. (252) (2,439) Gain/(loss) on cash flow hedging derivatives, net………………………. ` (252) ` (2,392) Balance as at the end of the period………………………........................ ` 315 ` 1,876 Deferred tax asset/(liability) thereon…………………………………….. ` (65) ` (325) Balance as at the end of the period, net of deferred tax.…………….. ` 250 ̀ 1,551

As at March 31, 2015, June 30, 2014 and 2015, there were no significant gains or losses on derivative transactions or portions thereof that have become ineffective as hedges, or associated with an underlying exposure that did not occur.

14. Fair value hierarchy

Financial assets and liabilities include cash and cash equivalents, trade receivables, unbilled revenues, finance lease receivables, employee and other advances and eligible current and non-current assets, long and short-term loans and borrowings, finance lease payables, bank overdrafts, trade payable, eligible current liabilities and non-current liabilities. The fair value of financial assets and liabilities approximate their carrying amount largely due to the short-term nature of such assets and liabilities. Investments in liquid and short-term mutual funds, which are classified as available-for-sale are measured using quoted market prices at the reporting date multiplied by the quantity held.

The fair value of derivative financial instruments is determined based on observable market inputs including currency spot and forward rates, yield curves, currency volatility etc. Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The following table presents fair value of hierarchy of assets and liabilities measured at fair value on a recurring basis:


Particulars

Fair value measurements at reporting date using


Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets

Derivative instruments - Cash flow hedges ` 4,237 ` - ` 4,237 ` - ` 2,178 ` - ` 2,178 ` - - Net investment hedges 140 - 140 - 144 - 144 - - Others 1,436 - 912 524 1,199 - 675 524

Available for sale financial assets:

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Particulars



Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 - Investment in liquid and short-term mutual funds 10,202 10,202 - - 47,166 47,166 - - -Other investments

43,706

2,046

41,660

- 63,419 2,211 61,208 -

-Investment in equity

instruments 3,867 - - 3,867

4,013

-

-

4,013 Liabilities

Derivative instruments - Cash flow hedges 80 - 80 - 354 - 354 - - Net investment hedges 264 - 264 - 275 - 275 - - Others 480 - 480 - 673 - 673 -

The following methods and assumptions were used to estimate the fair value of the level 2 financial

instruments included in the above table.

Derivative instruments (assets and liabilities): The Company enters into derivative financial instruments with various counter-parties, primarily banks with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward contracts and foreign exchange option contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black Scholes models (for option valuation), using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying. As on June 30, 2015, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.

Available for sale investments (Investment in commercial papers): Fair value of available-for-sale financial assets is derived based on the indicative quotes of price and yields prevailing in the market as on June 30, 2015. Details of assets and liabilities considered under Level 3 classification:

Available for sale

investments – Equity

instruments

Derivative Assets – Others

Opening Balance as on April 1, 2014 ` 2,676 ` 110 Additions 546 433 Disposals/ payouts (916) - Gain/(loss) recognized in statement of income 608 (19) Gain recognized in other comprehensive income 953 - Closing balance as on March 31, 2015 ` 3,867 ` 524

Available for

sale investments –

Equity instruments

Derivative Assets – Others

Opening Balance as on April 1, 2015 3,867 524 Additions/(Deletions) 146 - Closing balance as on June 30, 2015 4,013 524

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Description of significant unobservable inputs to valuation:

Item Valuation

technique Significant

unobservable inputs

Input Sensitivity of the input to fair value

Available for sale investments in unquoted equity shares

Discounted cash flow model

Long term growth rate

2% 0.5% increase (decrease) in growth rate would result in increase (decrease) in fair value of AFS investments by `44, (̀ 40) respectively

Discount rate 14% 0.5% increase (decrease) in discount rate would result in increase (decrease) in fair value of AFS investments by ` 85 (̀ 91) respectively

Market multiple approach

Revenue multiple

4.1X 0.5% increase (decrease) in revenue multiple would result in increase (decrease) in fair value of AFS investments by ` 148 (` 152) respectively

Derivative assets Option

pricing model

Volatility of comparable companies

45% 2.5% increase (decrease) in volatility would result in increase (decrease) in fair value of the derivative asset by ` 32, (̀ 33) respectively

Time to liquidation

event

4.5 years

1 year increase (decrease) in time to liquidation event would result in increase (decrease) in fair value of the derivative asset by ̀ 63, (̀ 85), respectively

15. Foreign currency translation reserve

The movement in foreign currency translation reserve attributable to equity holders of the Company is summarized below:

As at June 30, 2014 June 30,2015

Balance at the beginning of the period…………………………………. ` 10,060 ` 11,249 Translation difference related to foreign operations, net…………………… 606 1,757 Change in effective portion of hedges of net investment in foreign operations 226 (179) Total change during the period…………………………………………. ` 832 ` 1,578 Balance at the end of the period………………………………………. ` 10,892 ` 12,827

16. Income taxes

Income tax expense / (credit) has been allocated as follows:

Three months ended June 30, 2014 June 30, 2015

Income tax expense as per the statement of income…………………………. ` 5,942 ` 5,945 Income tax included in other comprehensive income on: Unrealized gain on available for sale investments……………………. 41 (106) Gain / (loss) on cash flow hedging derivatives……………………….. (3) (393) Defined benefit plan actuarial gains / (losses) ………………………… (15) (187) Total income taxes ………………………………………………………… ` 5,965 ̀ 5,259

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Income tax expense consists of the following: Three months ended June 30, 2014 June 30, 2015

Current taxes Domestic……………………………………………………………… ` 5,090 ` 4,833 Foreign….……………………………………………………………. 934 1,170

` 6,024 ` 6,003 Deferred taxes

Domestic……………………………………………………………….. ` (182) ` (98) Foreign….……………………………………………………………… 100 40

` (82) ` (58) Total income tax expense………………………………………………. ` 5,942 ` 5,945

Income tax expense is net of reversal of provisions recorded in earlier periods, which are no longer required, amounting to ̀ 578 and ̀ 355 for the three months ended June 30, 2014 and 2015 respectively.

17. Revenues Three months ended June 30, 2014 June 30, 2015 Rendering of services……...................................................... ` 103,846 ` 113,866 Sale of products…………....................................................... 7,512 8,510 Total revenues……………………………………………... ` 111,358 ` 122,376

18. Expenses by nature Three months ended

June 30, 2014 June 30, 2015 Employee compensation…...……………………………………………. ̀ 53,889 ̀ 59,007 Raw materials, finished goods and stores and spares consumed…….….. 6,578 7,441 Sub-contracting/technical fees/third party application………………….. 11,679 14,541 Travel …………………………............................................................... 5,038 5,657 Depreciation and amortization…………………........................................ 2,834 3,367 Repairs.………………………………………............................................ 2,276 2,684 Advertisement……………………………………....................................... 330 433 Communication…………………………………......................................... 1,279 1,278 Rent………………………………………………....................................... 965 1,265 Power and fuel……………………………………....................................... 786 745 Legal and professional fees….………………….......................................... 784 980 Rates, taxes and insurance………………………......................................... 460 660 Provision for doubtful debt………………………........................................ 292 219 Miscellaneous expenses…………………………........................................ 1,495 1,407 Total cost of revenues, selling and marketing and general and administrative expenses ` 88,685 ` 99,684

19. Finance expense

Three months ended June 30, 2014 June 30, 2015 Interest expense……………………………….......................................... ` 202 ` 316 Exchange fluctuation on foreign currency borrowings, net….................... 686 970 Total……………………………………………………………………… ` 888 ` 1,286

20. Finance and other income


Interest income………………………………………..…………… ` 3,232 ` 4,803 Dividend income…………………………………………….……. 109 26 Gain on sale of investments………………………………………. 898 413 Total………………………………………………………………. ` 4,239 ` 5,242

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21. Earnings per equity share

A reconciliation of profit for the period and equity shares used in the computation of basic and diluted earnings per equity share is set out below:

Basic: Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period, excluding equity shares purchased by the Company and held as treasury shares.


Profit attributable to equity holders of the Company…………………. ` 21,032 ` 21,877 Weighted average number of equity shares outstanding………………. 2,455,543,231 2,455,804,709 Basic earnings per share……………………………………………….. ` 8.57 ` 8.91

Diluted: Diluted earnings per share is calculated by adjusting the weighted average number of equity shares outstanding during the period for assumed conversion of all dilutive potential equity shares. Employee share options are dilutive potential equity shares for the Company. The calculation is performed in respect of share options to determine the number of shares that could have been acquired at fair value (determined as the average market price of the Company’s shares during the period). The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.


Profit attributable to equity holders of the Company............................ ` 21,032 ` 21,877 Weighted average number of equity shares outstanding....................... 2,455,543,231 2,455,804,709 Effect of dilutive equivalent share options…….....……....................... 7,396,578 4,779,330 Weighted average number of equity shares for diluted earnings per share… 2,462,939,809 2,460,584,039 Diluted earnings per share…………………………………………….. ` 8.54 ` 8.89

22. Employee benefits

a) Employee costs include:


Salaries and bonus........................................................................... ` 52,466 ` 57,342 Employee benefit plans Gratuity………………………………………………………..… 162 186 Contribution to provident and other funds……………………….. 939 997 Share based compensation ………………………………………... 322 482 ` 53,889 ` 59,007

b) The employee benefit cost is recognized in the following line items in the statement of income:


Cost of revenues............................................................................ ` 45,358 ` 49,947 Selling and marketing expenses…..……...................................... 5,432 5,748 General and administrative expenses…...................................... 3,099 3,312 ` 53,889 ` 59,007

The Company has granted 2,485,000 and 2,747,400 options under RSU option plan and 1,688,500 and 1,487,700 options under ADS option plan during the three months ended June 30, 2014 and 2015.

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23. Commitments and contingencies

Capital commitments: As at March 31, 2015 and June 30, 2015, the Company had committed to spend approximately ̀ 1,262 and ̀ 1,681 respectively, under agreements to purchase property and equipment. These amounts are net of capital advances paid in respect of these purchases.

Guarantees: As at March 31, 2015 and June 30, 2015, performance and financial guarantees provided by banks on behalf of the Company to the Indian Government, customers and certain other agencies amount to approximately ̀ 21,235 and ̀ 22,685, respectively, as part of the bank line of credit. Contingencies and lawsuits: The Company is subject to legal proceedings and claims (including tax assessment orders/ penalty notices) which have arisen in the ordinary course of its business. Some of the claims involve complex issues and it is not possible to make a reasonable estimate of the expected financial effect, if any, that will result from ultimate resolution of such proceedings. However, the resolution of these legal proceedings is not likely to have a material and adverse effect on the results of operations or the financial position of the Company. The significant of such matters are discussed below.

In March 2004, the Company received a tax demand for year ended March 31, 2001 arising primarily on account of denial of deduction under section 10A of the Income Tax Act, 1961 (Act) in respect of profit earned by the Company’s undertaking in Software Technology Park at Bangalore. The same issue was repeated in the successive assessments for the years ended March 31, 2002 to March 31, 2010 and the aggregate demand is ̀ 46,515 (including interest of ` 13,673). The appeals filed against the said demand before the Appellate authorities have been allowed in favor of the Company by the second appellate authority for the years up to March 31, 2007. Further appeals have been filed by the Income tax authorities before the Hon’ble High Court. The Hon’ble High Court has heard and disposed-off the appeals up to years ended March 31, 2004. Order of the Hon’ble High Court is not yet received.

On similar issues for years prior to years ended March 2001, the Hon’ble High Court in Karnataka has upheld the claim of the Company under section 10A of the Act. For the years ended March 31, 2008 and March 31, 2009, the appeals are pending before Income Tax Appellate Tribunal (Tribunal). For year ended March 31, 2010, the Dispute Resolution Panel (DRP) allowed the claim of the Company under section 10A of the Act. The Income tax authorities have filed an appeal before the Tribunal.

For year ended March 2011, the Company received the draft assessment order in March 2015, on similar grounds as that of earlier years, with a demand of ` 7,852 (including interest of ` 2,547) for the year ended March 31, 2011.

Considering the facts and nature of disallowance and the order of the appellate authority/ Hon’ble Karnataka High Court upholding the claims of the Company for earlier years, the Company believes that the final outcome of the above disputes should be in favor of the Company and there should not be any material adverse impact on the financial statements.

The contingent liability in respect of disputed demands for excise duty, custom duty, sales tax and other matters amounts to ` 2,560 and ̀ 2,642 as of March 31, 2015 and June 30, 2015.

24. Segment information

The Company is organized by the following operating segments; IT Services and IT Products. IT Services: The IT Services segment primarily consists of IT Service offerings to customers organized by industry verticals as follows: Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences (HLS), Retail, Consumer, Transport and Government (RCTG), Energy, Natural Resources and Utilities (ENU), Manufacturing and High-Tech (MFG), Global Media and Telecom (GMT). It also includes Others which comprises dividend income and gains or losses (net) relating to strategic investments, which are presented within “Finance and other income” in the statement of Income. Key service offerings to customers includes software application development and maintenance, research and development services for hardware and software design, business application services, analytics, consulting, infrastructure outsourcing services and business process services.

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IT Products: The Company is a value added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products. The Chairman and Managing Director of the Company has been identified as the Chief Operating Decision Maker (CODM) as defined by IFRS 8, “Operating Segments.” The Chairman of the Company evaluates the segments based on their revenue growth and operating income. Assets and liabilities used in the Company’s business are not identified to any of the operating segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous. Information on reportable segment for the three months ended June 30, 2014 is as follows:

IT Services IT

Products Reconciling

Items Entity total BFSI HLS RCTG ENU MFG GMT Others Total

Revenue 28,065 11,290 14,727 16,822 19,110 15,069 - 105,083 7,660 (287) 112,456

Segment Result 6,624 2,131 3,188 4,553 4,368 3,762 - 24,626 165 (397) 24,394 Unallocated (623) - - (623) Segment Result Total 24,003 165 (397) 23,771

Finance expense (888) Finance and other income 4,239

Profit before tax 27,122 Income tax expense (5,942) Profit for the period 21,180 Depreciation and amortization 2,834

Information on reportable segment for the three months ended June 30, 2015 is as follows:

IT Services IT

Products Reconciling

Items Entity total BFSI HLS RCTG ENU MFG GMT Others Total

Revenue 31,020 12,988 17,380 17,577 21,524 15,284 - 115,773 8,174 (241) 123,706

Segment Result 7,013 2,759 3,140 3,812 4,327 2,698 - 23,749 139 (396) 23,492 Unallocated 530 - - 530 Segment Result Total 24,279 139 (396) 24,022

Finance expense (1,286) Finance and other income 5,242

Profit before tax 27,978 Income tax expense (5,945) Profit for the period 22,033 Depreciation and amortization 3,367

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The Company has four geographic segments: India, Americas, Europe and Rest of the world. Revenues from the geographic segments based on domicile of the customer are as follows: Three months ended June 30, 2014 June 30, 2015 India…………………………………… ` 11,072 ` 13,354 Americas………………………………. 52,876 61,061 Europe………………………………….. 31,367 30,006 Rest of the world…………………….... 17,141 19,285 ` 112,456 ` 123,706

Management believes that it is currently not practicable to provide disclosure of geographical location wise assets, since the meaningful segregation of the available information is onerous.

No client individually accounted for more than 10% of the revenues during the three months ended June 30, 2014 and 2015. Notes:

a) “Reconciling items” includes elimination of inter-segment transactions, dividend income/ gains/ losses relating to strategic investments and other corporate activities.

b) Segment result represents operating profits of the segments and dividend income and gains or losses (net) relating to strategic investments, which are presented within “Finance and other income” in the statement of Income.

c) Revenues include excise duty of ` 1 and Nil for the period ended June 30, 2014 and 2015, respectively. For the purpose of segment reporting, the segment revenues are net of excise duty. Excise duty is reported in reconciling items.

d) Revenue from sale of traded cloud based licenses is reported as part of IT Services revenues.

e) For the purpose of segment reporting, the Company has included the impact of “foreign exchange gains / (losses), net” in revenues (which is reported as a part of operating profit in the statement of income).

f) For evaluating performance of the individual operating segments, stock compensation expense is allocated on the basis of straight line amortization. The differential impact of accelerated amortization of stock compensation expense over stock compensation expense allocated to the individual operating segments is reported in reconciling items.

g) For evaluating the performance of the individual operating segments, amortization of customer and marketing related intangibles acquired through business combinations are reported in reconciling items.

h) The Company generally offers multi-year payment terms in certain total outsourcing contracts. These payment terms primarily relate to IT hardware, software and certain transformation services in outsourcing contracts. Corporate treasury provides internal financing to the business units offering multi-year payments terms. The finance income on deferred consideration earned under these contracts is included in the revenue of the respective segment and is eliminated under reconciling items.

25. List of subsidiaries as of June 30, 2015 are provided in the table below.

Subsidiaries Subsidiaries Subsidiaries Country of Incorporation

Wipro LLC USA Wipro Gallagher Solutions

Inc Opus Capital Markets Consultants LLC

USA

Infocrossing Inc. USA Wipro Promax Analytics

Solutions LLC USA

Wipro Insurance Solutions LLC Macaw Merger Inc.

USA USA

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Wipro IT Services Inc. USA Wipro Overseas IT Services Pvt Ltd

India

Wipro Japan KK Japan Wipro Shanghai Limited China Wipro Trademarks Holding Limited

India

Wipro Travel Services Limited India Wipro Holdings (Mauritius) Limited

Mauritius

Wipro Holdings UK Limited U.K. Wipro Information

Technology Austria GmbH(A) Austria

Wipro Digital ApS 3D Networks (UK) Limited Wipro Europe Limited (A)

Denmark U.K. U.K.

Wipro Promax Analytics Solutions (Europe) Limited

UK

Wipro Cyprus Private Limited Cyprus Wipro Doha LLC# Doha Wipro Technologies S.A DE

C. V Mexico

Wipro BPO Philippines LTD. Inc

Philippines

Wipro Holdings Hungary Korlátolt Felelősségű Társaság

Hungary

Wipro Technologies Argentina SA

Argentina

Wipro Information Technology Egypt SAE

Egypt

Wipro Arabia Limited* Saudi Arabia Wipro Poland Sp Z.o.o Poland Wipro IT Services Poland

Sp. z o. o Poland

Wipro Technologies Australia Pty Ltd (formerly Wipro Promax Analytics Solutions Pty Ltd)

Australia

Wipro Corporate Technologies Ghana Limited

Ghana

Wipro Technologies South Africa (Proprietary) Limited

South Africa

Wipro Technologies Nigeria Limited

Nigeria

Wipro Information Technology Netherlands BV.

Netherland

Wipro Portugal S.A.(A) Portugal Wipro Technologies Limited,

Russia Russia

Wipro Technology Chile SPA Chile

Wipro Technologies Canada Limited(A)

Canada

Wipro Information Technology Kazakhstan LLP

Kazakhstan

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Wipro Technologies W.T. Sociedad Anonima Wipro Outsourcing Services (Ireland) Limited Wipro IT Services Ukraine LLC Wipro Technologies Norway AS Wipro Technologies VZ, C.A.

Costa Rica Ireland Ukraine Norway Venezuela

Wipro Technologies Peru S.A.C

Peru

Wipro Technologies SRL Romania PT WT Indonesia Indonesia Wipro Australia Pty

Limited Australia

Wipro Promax Holdings Pty Ltd(A)

Australia

Wipro (Thailand) Co Limited

Thailand

Wipro Bahrain Limited WLL

Bahrain

Wipro Gulf LLC Wipro Technologies Spain S.L.

Sultanate of Oman Spain

Wipro Networks Pte Limited Singapore Wipro Technologies SDN

BHD Malaysia

Wipro Chengdu Limited China Wipro Airport IT Services Limited*

India

*All the above direct subsidiaries are 100% held by the Company except that the Company holds 66.67% of the equity securities of Wipro Arabia Limited and 74% of the equity securities of Wipro Airport IT Services Limited

# 51% of equity securities of Wipro Doha LLC are held by a local share holder. However, the beneficial

interest in these holdings is with the Company. The Company controls ‘The Wipro SA Broad Based Ownership Scheme Trust’ and ‘Wipro SA Broad

Based Ownership Scheme SPV (RF) (PTY) LTD incorporated in South Africa. (A) Step Subsidiary details of Wipro Information Technogoty Austria GmbH, Wipro Portugal S.A, Wipro

Europe Limited, Wipro Promax Holdings Pty Ltd and Wipro Technologies Canada limited are as follows:

Subsidiaries Subsidiaries Country of

Incorporation Wipro Information Technogoty Austria GmbH

Austria

Wipro Technologies Austria GmbH Austria New Logic Technologies SARL France

Wipro Europe Limited (formerly SAIC Europe Limited)

U.K.

Wipro UK Limited U.K. Wipro Europe SARL France

Wipro Portugal S.A. Portugal

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Subsidiaries Subsidiaries Country of

Incorporation SAS Wipro France France

Wipro Retail UK Limited U.K.

Wipro do Brasil Technologia Ltda Brazil Wipro Technologies Gmbh Germany Wipro Do Brasil Sistemetas De Informatica Ltd Brazil

Wipro Promax Holdings Pty Ltd Australia

Wipro Promax IP Pty Ltd (formerly PAG IP Pty Ltd)

Australia

Wipro Technologies Canada Limited

Canada

Wipro Solutions Canada Limited Canada

26. Bank balances

Details of balances with banks as of June 30, 2015 are as follows:

Bank Name In Current

Account In Deposit

Account Total

Axis Bank………………………………………………………….. ` - ` 26,602 ` 26,602 ICICI Bank Ltd…………………………………………………….. 29 24,254 24,283 Bank of Baroda………………………………………….…………. - 17,640 17,640 Canara Bank……………………………………………………….. - 14,890 14,890 Corporation Bank………………………………………………..…. - 9,500 9,500 Citi Bank ……………………………………………………….…. 6,105 771 6,876 HSBC ……………………………………………………………… 4,775 1,805 6,580 Yes Bank ………………………………………………………….. - 4,500 4,500 Vijaya Bank………………………………………………………… - 4,300 4,300 Oriental Bank of Commerce ………………..…………………….. - 4,000 4,000 Wells Fargo Bank ………………………………………………… 3,834 - 3,834 IDBI Bank Ltd……………………………………………………… 55 3,050 3,105 Punjab National Bank………………………………………………. - 1,500 1,500 Saudi British Bank ……………………………………………….... 100 611 711 Bank of Montreal…………………………………………………… 579 - 579 Deutsche Bank……………………………………………………… 543 - 543 HDFC Bank………………………………………………………… 281 114 395 Standard Chartered Bank ………………………………………….. 129 160 289 ING Vysya Ltd …………………………………………………… 8 250 258 Shinhan Bank …………………………………………………….. 2 255 257 Ratnakar Bank…………………………………………………….... - 250 250 Indian Overseas Bank………………………………………………. 2 144 146 Bank Of America …………………………………………………… 117 - 117 Abu Dhabi Commercial Bank………………………………………. 82 - 82 Standard Bank …………………………………………………….. 74 - 74 BBVA Provincial ………………………………………………….. 1 70 71 ANZ Bank …..…………………………………………………….. 48 - 48 State Bank of India ………………………………………………… 42 - 42 Others including cash and cheques on hand………........................... 1,463 2 1,465 Total………………………………………………………………… ` 18,269 ` 114,668 ` 132,937

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27. Subsequent event

Subsequent to the period end, on July 9, 2015, the Company entered into a definitive agreement to acquire Designit A/S (“Designit”), a global strategic design firm specializing in designing transformative product-service experiences, for a total purchase consideration of approximately EURO 85 million, including a deferred earn-out component. The acquisition strengthens the Company’s move to evolve its Digital offerings. The acquisition is subject to completion of customary closing conditions.

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WIPRO LIMITED AND SUBSIDIARIES · WIPRO LIMITED AND SUBSIDIARIES ... 1. The Company overview Wipro Limited ... periods beginning after April 1, 2015, ...

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